Serica Energy (LON:SQZ) Trading Down 14.5% - Here's What Happened

Key Points

• Serica Energy's stock fell 14.5%, trading as low as GBX 146 ($1.98) and closing at GBX 152 ($2.06), with trading volume increasing by 359% from the average.
• Despite the decline, multiple analysts, including Jefferies and JPMorgan, have reiterated a "buy" rating with price targets ranging from GBX 190 to GBX 215.
• Insider Martin Copeland purchased 45,000 shares at an average price of GBX 161, indicating strong insider confidence as insiders own 63.80% of the company's stock.

Shares of Serica Energy plc (LON:SQZ - Get Free Report) dropped 14.5% during trading on Wednesday . The stock traded as low as GBX 146 ($1.98) and last traded at GBX 152 ($2.06). Approximately 9,339,462 shares changed hands during trading, an increase of 359% from the average daily volume of 2,033,229 shares. The stock had previously closed at GBX 177.80 ($2.41).

Analyst Upgrades and Downgrades

SQZ has been the subject of several recent research reports. Jefferies Financial Group reissued a "buy" rating and set a GBX 190 target price on shares of Serica Energy in a research note on Tuesday, August 5th. Canaccord Genuity Group reissued a "buy" rating and set a GBX 190 target price on shares of Serica Energy in a research note on Thursday, July 31st. Shore Capital reissued a "buy" rating on shares of Serica Energy in a research note on Wednesday. Finally, JPMorgan Chase & Co. reissued a "buy" rating and set a GBX 215 target price on shares of Serica Energy in a research note on Wednesday, August 13th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Serica Energy has a consensus rating of "Buy" and a consensus target price of GBX 203.

Serica Energy Trading Up 5.5%

The company has a current ratio of 1.69, a quick ratio of 1.22 and a debt-to-equity ratio of 26.31. The firm has a market cap of £625.62 million, a PE ratio of -2,002.50, a P/E/G ratio of 2.15 and a beta of 0.44. The company's 50-day moving average is GBX 168.81 and its 200 day moving average is GBX 150.16.

Insider Activity at Serica Energy

In other news, insider Martin Copeland purchased 45,000 shares of Serica Energy stock in a transaction that occurred on Thursday, July 3rd. The stock was acquired at an average price of GBX 161 per share, for a total transaction of £72,450. Company insiders own 63.80% of the company's stock.

About Serica Energy

Serica Energy plc, an upstream oil and gas company, identifies, acquires, explores, exploits, and produces oil and gas reserves in the United Kingdom. The company holds 100% interest in the Keith oil field; 98% interest in the Bruce field; and 50% interest in the Rhum gas field located in the Northern North Sea, as well as 18% non-operating interest in the Erskine field located in Central North Sea.